Chester County-based Liberty Property Trust, a real estate investment trust that owns several industrial buildings in Central Pennsylvania, is selling more than 100 properties in its portfolio, the company said this week.
The 108 properties being sold for $969 million to Workspace Property Trust and Safanad Limited are mostly in Pennsylvania, though none are in Central Pennsylvania. Liberty said it expects to use the proceeds from the sale to pay down existing debt, not develop additional property.
“This will really have no impact on our Pennsylvania industrial portfolio,” said Jeanne Leonard, a spokeswoman for Liberty. “Naturally the proceeds can be used to fund development, but we develop based on market demand, so an influx of funds does not really change our development prospects.”
Most of what Liberty owns in the Harrisburg area and Lehigh Valley is industrial space, primarily warehouse and distribution facilities.
Liberty was behind the 1.7 million-square-foot distribution center near Shippensburg for Procter & Gamble. That project was highlighted at the Business Journal’s Real Estate & Development Symposium last year.
And the industrial market has continued to expand in the midstate, with demand continuing to outpace supply of new warehouses.
The majority of the properties being sold, which includes real estate holdings in Arizona, Florida and Minnesota, are office and industrial flex buildings.